Press release
Polyisobutylene Market to grow at 5% CAGR by 2024 | Key players are ExxonMobil Corporation, BASF, Lanxess, INEOS, The Lubrizol Corporation
Polyisobutylene Market
Polyisobutylene holds higher growth indicators from medical packaging industry for its widespread applications in saline bottles, seals and serum vials. Chemical resistance capability against air, gases and moisture coupled with low absorptivity are the characteristics that will drive the global polyisobutylene market in coming years.
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Polyisobutylene Market is projected to exceed USD 2 billion according to this new research report. The major driver to the growth of the market is projected to be the ever-increasing demand for Polyisobutylene (PIB) in sealants & adhesives industry in the forecast period.
Healthy growth in sealants & adhesives business is estimated in the near future because of the extensive applications in industries such as construction, automotive and packaging for the activities like insulation, flooring, roofing and partitions. These growth trends will have a positive influence on the Polyisobutylene Market by 2024.
In 2015, the global adhesives market generated revenue about USD 25 billion and is expected to surpass USD 35 billion in the forecast period. The product bears bright growth aspects in adhesives industry for its superior characteristics such as adhesion, stability, tackiness and moisture resistance.
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Global tubes and tires industry is probable to increase by over 5% CAGR by in forecast timeframe. On account of its water-resistant characteristics, the product is likely to witness higher demand from the tire and tube manufacturing industries by 2024.
High molecular weight held the largest share for polyisobutylene market in 2015, owing to its extensive applications in automotive and sealants industry. The product will have high demand for electrical wire coatings manufacturing for its features like superior flexibility, light weight and dielectric characteristics. Medium molecular weight is expected to grow with 5% CAGR in the forecast period.
In 2015, the automotive segment had over 50% of global PIB market share. The product characteristics such as ozone resistance, higher damping and higher inflation pressure capacity will drive its demand from the tires and tubes manufacturing industry in the coming years. Adhesives will witness maximum growth over 4.5% in the forecast period.
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Asia Pacific region contributed highest share for Polyisobutylene Market in 2015. Strong prevalence of tube and tire manufacturing businesses in China, India, Indonesia and Malaysia coupled with rising automotive sales will drive the regional PIB market.
Key industry players are ExxonMobil Corporation, BASF SE, TPC Group, Kothari Petrochemicals, Lanxess AG, Chevron Oronite Company LLC, INEOS, Infineum International Ltd., The Lubrizol Corporation and Berkshire Hathaway Inc. extensive R&D by industry participants towards developing sustainable disposable measures will create new growth prospects by 2024.
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